There are some buyers who do ghosting as they no longer want to make a payment transaction for various reasons. In this regard, there are shopping sites that protect the interest of both the buyers and the merchants.
Releasing the funds
One of the ways that these shopping sites do the task of ensuring that neither parties get the short end of the stick is to hold the funds. For example, an order is made and the amount required has to be in the account of the buyer. When the item is delivered, the buyer confirms that what they had purchase has been sent and confirms it for the payment to be released to the merchant. If the buyer does not confirm that the item has arrived even if it has been delivered, after the stipulated period, the payment transaction will be completed as the amount will automatically be deducted from the funds that have been held. Making online payments is usually to the advantage of the merchants because what they are selling is paid before delivery.
There are some online retailers that are disreputable and will take advantage of their clients. Most of us are aware that scam sites exist so it is best to not be too hasty and take the time to study the site, read the product reviews, before making a payment transaction. We might have experienced buying a product that was less than satisfactory. When we do so at a retail store, we have to go back and request a replacement or a refund. When we order from a reputable online shopping site, we may be able to avoid such issues because the site does offer its customers some sort of guarantee to protect their interest. Still, such problems do occur.
Fraudulent payment transactions
There are many ways that a fraudulent payment transaction can occur. One of the most common ways is that a credit card is stolen and used. Online, there are traps that can be created by scammers for them to get the payment to be sent to them. However, the security problems that happen are that from external forces such as that of cybercriminals, not necessarily because of the payment transaction itself. There are times that the payment transaction does not get completed but most of these can be resolved. A few examples of uncompleted payment transactions are when the recipient does not click accept or there are errors in the account number or amount.
Initiating the transaction
Keep in mind that when online, no one forces you to make a payment transaction. We might get lured into doing so when we click a link that is set up by cybercriminals that can hack our accounts. But, there are also traps that we do fall into, as some of these cybercriminals do create sites like those that offer a miracle cure but actually, the product will fail to deliver as promised. For purchases like these, it is the user who is the weakest link and those cybercriminals do what they can get other people’s digital cash into their accounts.